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Rental HMO

From Standout Property Manager Wiki Help

Creating a HMO property

You create a property in exactly the same way as described in the Rental Property Overview, once you’ve a property that you have created, valued it, confirmed the valuation, you can then edit the property to make it a HMO.

Rental options

Open your property and then click on the Rental tab

Click on Yes to share the property. A new tab will appear called “Rooms”.


Prior to leaving this tab, configure all the options

Let type                       Not Specified / Long Term / Short Term / Student / Commercial

Furnished                    Unknown / Unfurnished / Part furnished / Fully furnished

Minimum term           minimum term in months

Contract length           length of contract in months

Pets allowed               Yes/No

Smokers considered   Yes/No

Benefits considered    Yes/No


Bills included

All bills                         Yes / No for All options

Water bill                    Yes/No

Gas bill                        Yes/No

Electricity bill              Yes/No

Oil bill                          Yes/No

Council tax                  Yes/No

TV license                    Yes/No

Satellite/Cable TV       Yes/No

Internet                       Yes/No


Rent includes              description of what the rent includes up to 1000 characters


Save the property.

Rooms

The property created for this document had 5 bedrooms, 5 bathrooms and 2 receptions rooms. The system is expecting 5 rooms to be created.


Per How much will be generated (Week / Month / Year)

Add room

Notice that once you have added 5 rooms, you cannot add an additional room.

Edit room

To edit a room, click Room 1 – this will open a new tab allowing to you edit and create the room

HMOEditRoom.png


Contract          To Let

Managed         No / Rent Collection / Yes – defaults to the setting you’ve chosen on the

primary property details

Class                Residential / Commercial


Price

Let price                      Rental price for that room

Price qualifier              Fixed price (see Property Overview for all options)

Post price message     a text message (such as per week / per month etc)

Let period                   Weekly / Monthly / Yearly / (see Property Overview for all options)

Bond price                  price for the Bond a tenant pays


Fees

Management fee        either a % or fixed price for management fees

Fee type                      % or fixed

Finders fee                  takes value from Primary property but can differ room by room

HMOTabs.png

Before moving onto other tabs, please ensure you click “Save room”. Don’t forget to complete Rental / Description / Media / Inventory (for that room).


Once you have completed all the room edits, click Save room – CLOSE the tab and refresh your browser, you will then see

HMOTabs2.png

Standout will show how much the property can generate on a Week / Month / Year.


Our example is 3 x £95 and 2 x £125 per week rental.


We always recommend you Save Property when finishing edits.

Emailing all tenants

When editing the property, you can now email all the tenants with a current agreement. Simply click More actions and then Email all tenants button

HMOEmail.png


Simply add a subject and email body, click Send email and all tenants that have supplied an email address will receive the email. This could be used when tenants need to be informed of communal area repairs or disruptions.

Dashboard

In Dashboard, you will now see all 5 rooms in your recently edited listings plus the master property

HMO Dashboard.png


These rooms are now uploaded to your website, portals ready for you to then create a new tenancy agreement for a room.


Creating a tenancy agreement

Once you have an applicant/tenant interesting in the room, enter all their details into Standout, ensure that you book a viewing for the tenant by opening the room then click More actions / Book viewing.

Make offer

HMOMakeOffer.png


Once they’ve made an offer (or wish to proceed) click on the Room then Viewings / offers and choose “Make offer”

HMOMakeOffer2.png

Enter the amount you’ve agreed, what position they’re in, any additional parties, offer conditions and then click Make offer. You will be then offered to create the appropriate letter and either print/download or email to the applicant/landlord.


Accepting an offer

To accept an offer, open the room and then go back to Viewings / offers.

HMOOffer1.png

Click on Accept to proceed, you’ll be asked to confirm your action with an Ok / Cancel prompt. Click Ok and then create the Letter of Offer Accepted to both Applicant/Landlord

HMOOffer2.png
HMOOffer3.png


When you then click the Go  / Back to property you will be returned to the room, notice that the status now reads “Application Made”.

Creating the agreement

Once you’ve completed all your security checks and confirmed everything with all parties, you can then create the Tenancy agreement. Click More actions then Tenancy agreements to then create a new agreement for this room

HMOAgreement.png

You will be required to create the agreement, this is identical as creating for a full property (see Rental Overview).


Once completed, click the Create agreement button and you can then select the letters to produce

HMOAgreement2.png

Once you’ve created all the required letters, click the Back to agreement button.

Financials

You will then see a new tab called “Financials” which will show

HMOFinancials.png


Showing the figures that are now required to be paid to and from tenant/landlord.

Viewing Tenancy Agreements / Financials – specific room

When you open a room, you will notice a difference at the top of the form where agreements are shown

HMO100.png

Room tenants are not show on this screen, click Rental agreements

HMO101.png

Click View to view the agreement and Financials

HMO102.png

Main Property – Tenancy agreements

HMO200.png

Click on Rental agreements (all rooms) for the following

HMO201.png

Click on the room you wish to view, then click the View link to open that tenancy agreement so that you can either amend it, add payments, create statements or just simply view its current state

HMO202.png